Oil Holds Steady as Iran Talks Stay Murky; Gold Near High
Oil Holds Steady as Iran Talks Stay Murky; Gold Near High
Markets await a potential U.S.-Iran peace deal as oil steadies and gold stays near a weekly peak, with Fed policy and jobs data in focus.
Oil prices held steady on Thursday as traders weighed the potential for a U.S.-backed peace deal with Iran, a prospect that could shift energy flows and global markets.
Gold prices held near a one-week high, with spot gold around $4,688 an ounce and June futures near $4,697, as investors awaited clearer details on a peace proposal that sources say could formally end the war while keeping some U.S. demands unresolved.
Earlier, stocks had surged while the dollar and oil slipped after a report suggested the United States and Iran were closing in on an agreement. Market participants now look to the upcoming U.S. employment report for hints on whether the economy can keep the Federal Reserve on hold or if signs of a softening labor market could revive rate-cut expectations.
Fed officials have warned that the ongoing U.S.-backed conflict raises the risk of a sustained inflation shock, tied to elevated oil prices and concerns about supply chains. In the commodity complex, silver slipped 0.2%, platinum edged up 0.1%, and palladium fell about 0.3%, signaling mixed moves beyond gold and oil.
Analysts say any credible breakthrough could ease energy-market pressures and reduce geopolitical tensions that have fed volatility, but much depends on the scope and enforcement of any deal and how it interacts with Iran’s nuclear program and the Strait of Hormuz. The market will stay sensitive to headlines as traders weigh the balance between peace optimism and persistent geopolitical risk.
